Jim Cramer is sorry. As hard as he tries, he just can't find a way to take the narrative of lower oil prices into a negative story for the stock market long term. The narrative for McDonald's on the other hand, is due for big changes ahead.

And while those who fear lower oil prices continue to blast out an entire asset classes of stock by selling S&P futures might be stupid, he still has to respect it.

"We must always respect that the damage inflicted by the high-frequency traders who sell all stocks when oil goes down 4 percent as it did today, can totally overwhelm all but the strongest stocks," said the "Mad Money" host.

He will allow that the selling is vicious, and it hurts. But he cannot forget that lower oil prices are fabulous for the 317 million Americans who watch their mortgage rates drop and pay less at the gas pump.

The world of semiconductors took a hit a few weeks ago when SanDisk, the big maker of flash memory chips, made an extremely negative declaration ahead of earnings and caused its stock to plummet.

Thanks to SanDisk, there has been a looming shadow over the whole semiconductor space. If you were there to hear what SanDisk had to say, Cramer thinks you would be pretty bearish on the whole group, too.

But then Skyworks Solutions managed to blow out numbers, and it keeps setting all-time highs.

What the heck is going on with semiconductors, and why is SanDisk not worth owning while Skyworks a buy?

"I see SanDisk going lower; after all, the average memory stock trades at just 7.5 times earnings—half its current valuation. Whereas Skyworks, even at new all-time high today, has a lot more room to run," said Cramer.

The analysts might not have figured it out yet, but Cramer anticipates that SanDisk will keep disappointing in the future. Skyworks, on the other hand, is a buy buy buy next time it is down.

Apple reported yet another mind-blowing quarter this week, and while Cramer is already hearing the skeptical questions from investors—he thinks this amazing stock could roar even higher this year.

"If Tim Cook says, as he did on the call, that he can't live without his watch then you will probably not be able to live without your watch."

So, if Apple says there is still demand for their phones, and that most people haven't upgraded or bought an iPhone yet—believe the tech giant.

This is another reason why Cramer thinks this year could be the year that Apple rules retail. He speculated that those retailers that have not yet adopted Apple Pay will have to this year just to protect themselves from the customers who demand it.

The "Mad Money" host is on Cook's side. After all, numbers don't lie and Apple has put out some monstrous numbers. Cramer's bottom line? Own it, don't trade it. You and your portfolio will be thanking him in the future.

In this environment dominated by Apple, Cramer advised that investors that have an objective to make money from yield—forget bonds.

At this point it just does not pay to have a bond with a ridiculously low interest rate. Instead, look for stocks with good dividends.

One stock with a solid dividend is American Electric Power that currently sports a 3.3 percent yield and is up 4 percent year to date. This company has a massive power generation portfolio that serves 5 million customers across 11 states, and owns the largest power transmission network in America.

Cramer spoke with American Electric CEO Nicholas Akins, who commented on the beneficial impact of extreme weather conditions for the stock to perform well.

"Usually when there is cold weather and wet snow or anything like that, we do very well because customer usage is up and the market is up. So we are able to take advantage of that," said Akins.

In the Lightning Round, Cramer gave his take on the big shakeup at McDonald's when he answered a few caller favorite stock questions:

McDonald's: "You want to hold on to this stock. They had some changes at the top and Mr. Thompson is out, and they've got a new CEO Eastbrook coming in. I think that could make some change happen, so I want you to hold on to McDonald's. If anything, I want you to buy some McDonald's."

General Mills: "This stock won't quit. If you noticed, even though it missed a couple of times and last quarter was actually good, this is one of those stocks that if it comes down tomorrow because the market is ugly; you pull the trigger on General Mills."